Friday, 4 June 2010

$1-b Subic resort cleared

by Cecille Garcia
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/june/3/business1.isx&d=2010/june/3

SUBIC BAY FREEPORT—A Korean property developer has obtained the go-signal of the Subic Bay Metropolitan Authority to develop a $1-billion resort complex in a 615-hectare beach front property between the free port and Morong town. Construction will start next month.

M Castle chairman Sang Soo Shin said shortly after signing a contract with SBMA administrator Armand Arreza that the project would change the landscape of Subic and adjacent areas in Morong, Bataan province.

Authorities said M Castle is known for eco-friendly tourism-related projects after the successful opening of several world-class island resorts and health spas in different scenic locations in Korea.

The Subic project includes the development of beach and forest condominiums, villas, a five-star hotel with 2,400 rooms, a 36-hole golf course, marina club, medical center for oriental and western medicine, water park, shopping mall and an English-language learning house.

Joining the signing ceremony were SBMA senior deputy administrator Stefani Sano and M Castle chief financial officer Ho Gyeong Kim, vice chairman Sang Gon Kim and SBMA director Amando Lagdameo Jr.

“These will be major employment-boosters,” Arreza said. “Aside from the jobs that would be directly created by these projects, there will be thousands of employment opportunities to be generated downstream.”

Arreza said investor confidence, especially of Korean companies, in the Subic Bay Freeport would help double the number of workers here in just two years.

Shin said his group would need around 7,000 workers to build the luxury resort.

Shin said that the company aimed to duplicate its successful projects in Korea in Subic and draw both local and foreign tourists.

M Castle’s first successful project was the Ocean Castle in Anmyeondo in Korea, which showcases the well-preserved beauty of the island resort.

Anmyeondo is a scenic island located on the west coast of South Korea. The island is known for its spectacular beaches and Anmyeondo stretches over 232.5 kilometers long.

M Castle opened in July 2005 the Duksan Spa Castle, a world-class spa resort. Stretched over 18 acres of tropical landscapes, Duksan Spa Castle is an all-inclusive natural hideaway with first-class service and hospitality.

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